The Voice of East Bay Living

Here is the latest scoop on the luxury market in the bay area... What does the term luxury really mean? It is not about money. The new definition is about freedom and being off the grid. People are tired of being tethered to their phones and computers. Luxury means more authenticity, not arrogance and status. They are interested in quality of life and wellness. They also want to enhance relationships with their families. They are less interested in driving Bentleys and SUVs and are more interested in attending events, like Burning Man. What are the home trends? Staging is very important to the millennials as they are a graphic generation with first impressions being very important. They want to feel a unique and personal experience in the home. They like to hear stories about the house that are heartfelt and personal. Social media including Facebook Instagram are becoming more and more popular as the primary form of communication. What do Buyers want? Buyers w...

Inventory low – prices high Low interest-rates - 3.5 fixed 30 year mortgage 38% of all sales are cash - The funds are coming from families and inheritance Tech buyers are coming from Uber, Google,and Twitter TRENDs The urban corridors  now outpacing the hills. Walk score increases value-go to  www.walkscore.com  to find the walk score for your home Starbucks effect – 20% increase in house value Walking – coffee – bike lanes-public transportation are a new definition of luxury MARKET We are not at the high-end of the cycle This is not a bubble Most inspections are performed in advance of marketing the home There is an average of 3 to 6 offers The percent over asking Price depends on location, comparable comps,property presentation No contingencies with offers NEWS-FLASH   The Grubb company is opening a new office in the heart of uptown Oakland at 100 Grand Ave. The opening  will occur in Septe...

The current NAR statistics say that 92% of all buyers begin their search on the Internet. 50% of all home searches use a mobile device.The total mobile property searches exceeded total PC property searches. Timing is crucial for agent response. Many clients are communicating solely through text messages. The highest response rate in fact from the consumer is through text messages. Additionally handwritten note cards have a surprisingly high rate of response. As agents, we are learning new skills to understand how to communicate via text message. We are trying to figure out exactly what the consumer wants from us. Are they just searching for general information  or are they really serious buyers or sellers. Our job is to give quality service, keep an open mind and help wherever we can. * It's not uncommon for today's consumer to be browsing the internet on more than one device throughout the day. The photo shows my nephew heading off to work at the Met on typical ...

Who are the Milllenials? –described as the “Awesome” generation Ages 20-38 Born between 1977-1995 average income of $200,000 + average net worth of $5 million single greatest transfer of wealth in history of U.S. transfer of money coming from parents and grandparents They are looking for the following criteria in a new home: life style not location urban settings turn key homes home theaters swimming pools outdoor kitchen 4+ garages separate guest house safe room where they can lock themselves in

Great news! Rates are still extremely low. The conforming rate is currently at 3.625% and the 30 year fixed rate is at 4%. It is predicted that rates may increase slightly in the 3rd or 4th quarter of this year.  Getting loans approved is requiring more and more red tape with final reviews a few days before close of escrow with income, assets, and credit scores being closely examined. Buyers may feel like they have climbed Mt. Everest by the time the process is completed. Contact me for more information: ssabine@grubbco.com

Steamy hot weather... steamy hot real estate market. So why are buyers paying top dollar beyond anyone's wildest dreams? Here are some reasons: views, schools, walk score, yards, home amenities, fixer potential, close to friends and relatives, 1301 exchange. All buyers want to be winners... now matter what, these buyers are living out their dreams. Visit  GlassSabine.com Contact Team Glass Sabine at  ssabine @grubbco.com 

C'est le Buzz... After attending a regional real estate conference, here are some highlights: One agent described the San Francisco market as kind of heart-breaking with the median price at $990,000  and buyers chasing after one house and then another. There are a lot of young buyers who want to be in sunny neighborhoods and walk everywhere.  In the East Bay, we are finding an overflow market  with buyers coming from all directions to buy a house. In Piedmont homes are selling for over $1,000/sqft with sometimes 23 offers. 35% are all cash offers....Where did all this cash come from? I wish someone would adopt me. Leslie Appleton Young, chief economist for CAR was the guest speaker. She said that our economy is no longer in Recovery but in Expansion. A lot of people have no cash restraints-they just want to move their money out of their country into our country. Short sales and REO's have declined significantly-now under 2% nationwide. Everyone is l...

We are seeing some consistent trends in this hot market. Multiple offers are rampant, thirty percent of offers in all price ranges are all cash, one third of all offers have no contingencies, preemptive offers are on the rise (this means that offers are being presented before the house officially comes on the open market). and in the end, many buyers are asking the same question, "Did I overpay?" The response from agents is that buyers have to put their best foot forward or they will not get the house. Buyers are also being advised that they have to look at real estate as a long term investment. As agents, we are asking the question - "Is the sky the limit?" A crystal ball would be helpful.   Visit GlassSabine.com Contact Team Glass Sabine at ssabine @grubbco.com  

Enjoy this podcast about buying & selling homes. This is an interview with Judith Glass & Sheila Sabine with Joan Kenley , international podcast specialist. Click on the link "Listen Now" when you are redirected.